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Chetrit Group Doubles Hudson Yard Site for $29M

New York

Joseph and Meyer Chetrit's development firm Chetrit Group is looking to double the buildable square footage of its Hudson Yards development site for $29M, reports the Real Deal. According to an application filed with the Department of City Planning, the brothers want to take advantage of a pair of building bonuses available in the neighborhood to add about 200k buildable SF to the site, which already allows for 173k SF. The block through site is situated between 37th and 38th streets, east of 11th Avenue, and is known as both 541-545 West 37th St (above) and 540-548 West 38th St. There are some restrictions on the distribution of the extra FAR, but Chetrit plans to build two structures—a 28-story 131-unit residential building and a 43-story, 315-key hotel. Chetrit is also still looking for a buyer for the site, which was purchased for $26.5M in 2012. There is no asking price but experts estimate it will fetch $75M to $80M.